As part of the deal, Sutherland will establish a production company based at 20th Century Fox Television to develop original programming, the studio announced Monday. He will also serve as a co-executive producer of the hit drama.
Sutherland "is an extraordinary actor with amazing instincts. He's fiercely intelligent, and he has fantastic taste in material," studio co-president Dana Walden said in a statement.
"When he told us he had ambitions to create and produce television series, we jumped at the chance to help him achieve that goal," she said.
No financial details were disclosed.
Sutherland has starred for five seasons as Bauer, who works for the fictional federal Counter-Terrorist Unit (CTU).
As the show plays out in real time, with each season covering 24 hours, Bauer faces crisis after crisis.
In past episodes, he discovered his wife's murdered body, fought heroin addiction, saved humanity from terrorists and faked his own death.
The role won him a Golden Globe award and two Screen Actor's Guild awards.
"24"airs on FOX, which is owned by the parent company of FOXNews.com.